Fjord Line returns to normal

2023-07-30T17:09:49+00:00 July 30th, 2023|Finance|

Norwegian ropax operator Fjord Line enjoyed a record high season turnover last year.


Following two years of travel restrictions, Fjord Line resumed its scheduled operations between Norway, Denmark and Sweden in March, 2022, having operated a freight only service in 1Q22.


For 2022, the company reported revenue of NOK1,666 mill, compared to NOK800 in the previous year.


EBIT was a negative NOK407 mill, compared to minus NOK210 mill in 2021, while 2022 EBITDA was NOK66 Mill, compared to NOK145 mill in 2021.


In December, 2022, Fjord Line announced a project to rebuild the two large ropaxes ‘Stavangerfjord’ and ‘Bergensfjord’ to operate on dual fuel LNG/MGO engines, instead of purely on LNG as before.


The company negotiated a refinancing package to cover the costs.


‘Stavangerfjord’ returned to service in May this year and her sistership, ‘Bergensfjord’ in June to take advantage of the summer season.


“The new engines ensure greater flexibility in operation, which benefits our customers,” claimed CEO, Thorsted Hansen.


Other upgrades were also undertaken while the vessels were in the Fosen shipyard. Wartsila undertook the engine conversions.